Tupperware
November 3, 2021
Tupperware Brands reported third quarter results from continuing operations after moving certain beauty brands into discontinued operations because they are being sold. Continuing net sales were 376.9 million dollars, down 11 percent, or 13 percent in constant currency. Income from continuing operations was 60.4 million dollars, and diluted earnings per share from continuing operations were 1.14 dollars. Adjusted diluted earnings per share were 1.19 dollars. Adjusted EBITDA was 68.9 million dollars.
Asia Pacific sales fell 13 percent, Europe 19 percent, and North America 11 percent. South America sales rose 6 percent. A loss on held-for-sale beauty assets of 148.1 million dollars, mostly accumulated currency translation that will be recognized when the sales close, produced a total net loss of 86.1 million dollars.
The company repurchased one million shares for 25 million dollars, the first buyback since 2018 and the maximum allowed under its debt covenants. Debt to EBITDA under the credit agreement was 2.28. President and chief executive Miguel Fernandez said the quarter still fit the turnaround even with pandemic effects and hard comparisons. The release also listed an ongoing commission inquiry among the risk factors.